When Will the Royal Government of Bhutan Stop Selling Bitcoin?
The Royal Government of Bhutan has continued reducing its Bitcoin holdings, raising questions over how long the countrys selling activity may continue after months of steady outflows from state-linked wallets. According to reports, Bhutan has sold more than $200 million worth of Bitcoin since the start of 2026. The kingdom now holds roughly 3,400 to 3,800 BTC, valued near $263 million to $272 million, depending on market prices and wallet-tracking estimates. was built through state-backed mining operations linked to its hydroelectric power resources. At its peak in late 2024, the countrys holdings were estimated at nearly 13,000 BTC. Since then, more than 70% of that balance has been moved out through repeated transfers. Bhutan Cuts Bitcoin Holdings From Peak On-chain data shows Bhutan has sold about 9,579 BTC since its peak holdings were recorded. The latest transfer involved 100 BTC, worth nearly $7.8 million, moving from government-linked wallets. The sales have not appeared as a single large liquidation. Instead, Bhutan has moved Bitcoin in smaller batches, often valued between $5 million and $10 million. Some transfers have gone to exchange-linked wallets, trading firms, OTC desks, and unlabelled addresses. Source: This pattern suggests a managed selling strategy rather than a sudden market exit. Smaller transactions may reduce the